SEATTLE, WA - American Capital Group, announced the acquisitions of 700 Broadway and Vantage Park, two multifamily communities located in Seattle’s Capitol Hill neighborhood, for a combined purchase price of $68,350,000.
Both properties are centrally located in urban Seattle and are within walking distance to several of the city’s major employment centers, abundant amenities and educational and health care institutions. ACG will implement a capital improvement program, renovating common areas and interior units and improving the appeal of each community.
“ACG anticipates increased demand for high quality, well-located housing in urban markets as residents continue to value efficient commute times and proximity to work, entertainment and education,” said BJ Kuula, President, ACG.
Seattle’s urban core continues to experience a high concentration of job opportunities, driven by the technology, health care and higher education industries. 700 Broadway and Vantage Park are proximate to downtown Seattle’s largest employers, including Amazon, Google, Facebook and Apple, in addition to several hospitals and health care centers, which provide more than 24,000 jobs to the area.
“We see significant opportunity for value creation and operational upside in these communities and will leverage our market expertise to reposition these properties to create an elevated living experience for both current and future residents,” said John Lo, Acquisitions Manager for ACG.
700 Broadway is located in Capitol Hill’s Broadway retail corridor and is within walking distance to the CBD and South Lake Union, major employment hubs for Seattle. Built in 2004, the property features 59 units spanning studio, one- and two-bedroom interiors. The property also includes 10,683 square feet of ground floor retail space, which is 100% occupied at the time of purchase. Amenities include a fitness center, a private courtyard, barbeque and picnic areas and 24-hour concierge.
Vantage Park, a 91-unit community, lies within the south Capitol Hill neighborhood, one of the city’s most attractive submarkets. The property is near several health care employers including Swedish, University of Washington Medicine and The Polyclinic. Vantage Park is also proximate to Seattle University and Seattle Central College, which combined enroll 23,000 students. Built in 2001, the community features premier amenities including a roof deck with city and water views, an outdoor courtyard and a fitness center.
The communities are near major transit options in Seattle, including the city’s light rail, street car and bus lines. Each property is a short drive to I-5 and I-90, providing connectivity to the surrounding areas of Bellevue and Everett, which offer additional job opportunities as many technology companies move to the area.
The acquisitions add to ACG’s growing portfolio in Washington. The firm recently opened the 409-unit Uplund Apartments in Totem Lake and announced a new development project, Kinect @ Burien, slated for completion in 2023.